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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED March 31, 2021
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
Commission File Number: 001-35538
 
The Carlyle Group Inc.
(Exact name of registrant as specified in its charter)
 
Delaware 45-2832612
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
1001 Pennsylvania Avenue, NW
Washington, DC, 20004-2505
(Address of principal executive offices) (Zip Code)
(202) 729-5626
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCGThe Nasdaq Global Select Market

As of April 28, 2021, there were 354,572,612 shares of common stock of the registrant outstanding.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   



TABLE OF CONTENTS
 
  Page
Item 1.
Unaudited Condensed Consolidated Financial Statements – March 31, 2021 and 2020:
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 



1


Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, our dividend policy, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under the sections entitled “Risk Factors” in this report and in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the United States Securities and Exchange Commission (“SEC”) on February 11, 2021, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Website and Social Media Disclosure
We use our website (www.carlyle.com), our corporate Facebook page (https://www.facebook.com/onecarlyle/), our corporate Twitter account (@OneCarlyle or www.twitter.com/onecarlyle), our corporate Instagram account (@onecarlyle or www.instagram.com/onecarlyle), our corporate LinkedIn account (www.linkedin.com/company/the-carlyle-group) and our corporate YouTube channel (www.youtube.com/user/onecarlyle) as channels of distribution of material company information. For example, financial and other material information regarding our company is routinely posted on and accessible at www.carlyle.com. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Carlyle when you enroll your email address by visiting the “Email Alert Subscription” section at http://ir.carlyle.com/email-alerts. The contents of our website and social media channels are not, however, a part of this Quarterly Report on Form 10-Q and are not incorporated by reference herein.

 

    On January 1, 2020, we completed our conversion from a Delaware limited partnership named The Carlyle Group L.P. into a Delaware Corporation named The Carlyle Group Inc. Pursuant to the Conversion, at the specified effective time on January 1, 2020, each common unit of The Carlyle Group L.P. outstanding immediately prior to the effective time converted into one share of common stock of The Carlyle Group Inc. and each special voting unit and general partner unit was canceled for no consideration. In addition, holders of the partnership units in Carlyle Holdings I L.P., Carlyle Holdings II L.P., and Carlyle Holdings III L.P. exchanged such units for an equivalent number of shares of common stock and certain other restructuring steps occurred (the conversion, together with such restructuring steps and related transactions, the “Conversion”).
    Unless the context suggests otherwise, references in this report to “Carlyle,” the “Company,” “we,” “us” and “our” refer (i) prior to the consummation of the Conversion to The Carlyle Group L.P. and its consolidated subsidiaries and (ii) from and after the consummation of the Conversion to The Carlyle Group Inc. and its consolidated subsidiaries. References to our common stock or shares in periods prior to the Conversion refer to the common units of The Carlyle Group L.P. When we refer to our “senior Carlyle professionals,” we are referring to the partner-level personnel of our firm. References in this report to the ownership of the senior Carlyle professionals include the ownership of personal planning vehicles of these individuals. When we refer to the “Carlyle Holdings partnerships” or “Carlyle Holdings”, we are referring to Carlyle Holdings I L.P., Carlyle Holdings II L.P., and Carlyle Holdings III L.P., which prior to the Conversion were the holding partnerships through which the Company and our senior Carlyle professionals and other holders of Carlyle Holdings partnership units owned their respective interests in our business.
    “Carlyle funds,” “our funds” and “our investment funds” refer to the investment funds and vehicles advised by Carlyle.
    “Carry funds” generally refers to closed-end investment vehicles, in which commitments are drawn down over a specified investment period, and in which the general partner receives a special residual allocation of income from limited partners, which we refer to as carried interest, in the event that specified investment returns are achieved by the fund. Disclosures referring to carry funds will also include the impact of certain commitments which do not earn carried interest, but


2


are either part of, or associated with our carry funds. The rate of carried interest, as well as the share of carried interest allocated to Carlyle, may vary across the carry fund platform. Carry funds generally include the following investment vehicles across our three business segments:

Global Private Equity: Buyout, middle market and growth capital, real estate, and natural resources funds advised by Carlyle, as well as certain energy funds advised by our strategic partner NGP Energy Capital Management (“NGP”) in which Carlyle is entitled to receive a share of carried interest (“NGP Carry Funds”)
Global Credit: Distressed credit, energy credit, opportunistic credit, corporate mezzanine funds, aircraft financing and servicing, and other closed-end credit funds advised by Carlyle
Investment Solutions: Funds and vehicles advised by AlpInvest Partners B.V. (“AlpInvest”) and Metropolitan Real Estate Equity Management, LLC (“Metropolitan”), which include primary fund, secondary and co-investment strategies 

Carry funds specifically exclude certain funds advised by NGP in which Carlyle is not entitled to receive a share of carried interest (or “NGP Predecessor Funds”), collateralized loan obligation vehicles (“CLOs”), business development companies and direct lending managed accounts, as well as capital raised from third-party investors to acquire a 76.6% interest in Fortitude Holdings.

    For an explanation of the fund acronyms used throughout this Quarterly Report, refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation – Our Family of Funds.”
    “Fee-earning assets under management” or “Fee-earning AUM” refers to the assets we manage or advise from which we derive recurring fund management fees. Our Fee-earning AUM is generally based on one of the following, once fees have been activated:
(a)the amount of limited partner capital commitments, generally for carry funds where the original investment period has not expired, for AlpInvest carry funds during the commitment fee period and for Metropolitan carry funds during the weighted-average investment period of the underlying funds;
(b)the remaining amount of limited partner invested capital at cost, generally for carry funds and certain co-investment vehicles where the original investment period has expired, Metropolitan carry funds after the expiration of the weighted-average investment period of the underlying funds, and one of our business development companies;
(c)the amount of aggregate fee-earning collateral balance of our CLOs and other securitization vehicles, as defined in the fund indentures (typically exclusive of equities and defaulted positions) as of the quarterly cut-off date;
(d)the external investor portion of the net asset value of our open-ended funds (pre-redemptions and subscriptions), as well as certain carry funds;
(e)the gross assets (including assets acquired with leverage), excluding cash and cash equivalents, of one of our business development companies and certain carry funds; or
(f)the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee period has expired and certain carry funds where the investment period has expired.
    “Assets under management” or “AUM” refers to the assets we manage or advise. Our AUM generally equals the sum of the following:
(a) the aggregate fair value of our carry funds and related co-investment vehicles, NGP Predecessor Funds and separately managed accounts, plus the capital that Carlyle is entitled to call from investors in those funds and vehicles (including Carlyle commitments to those funds and vehicles and those of senior Carlyle professionals and employees) pursuant to the terms of their capital commitments to those funds and vehicles;
(b)     the amount of aggregate collateral balance and principal cash or aggregate principal amount of the notes of our CLOs and other structured products (inclusive of all positions);
(c)     the net asset value (pre-redemptions and subscriptions) of our open-ended funds; and
(d)     the gross assets (including assets acquired with leverage) of our business development companies, plus the capital that Carlyle is entitled to call from investors in those vehicles pursuant to the terms of their capital commitments to those vehicles.


3


    We include in our calculation of AUM and Fee-earning AUM certain energy and renewable resources funds that we jointly advise with Riverstone Holdings L.L.C. (“Riverstone”), the NGP Predecessor Funds and NGP Carry Funds (collectively, the “NGP Energy Funds”) that are advised by NGP, as well as capital raised from third-party investors to acquire a 76.6% interest in Fortitude Holdings.
    For most of our carry funds, total AUM includes the fair value of the capital invested, whereas Fee-earning AUM includes the amount of capital commitments or the remaining amount of invested capital, depending on whether the original investment period for the fund has expired. As such, Fee-earning AUM may be greater than total AUM when the aggregate fair value of the remaining investments is less than the cost of those investments.
    Our calculations of AUM and Fee-earning AUM may differ from the calculations of other asset managers. As a result, these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of AUM (but not Fee-earning AUM) includes uncalled commitments to, and the fair value of invested capital in, our investment funds from Carlyle and our personnel, regardless of whether such commitments or invested capital are subject to management fees, incentive fees or performance allocations. Our calculations of AUM or Fee-earning AUM are not based on any definition of AUM or Fee-earning AUM that is set forth in the agreements governing the investment funds that we manage or advise.


4


PART I – FINANCIAL INFORMATION
 
Item 1.         Financial Statements
The Carlyle Group Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions)
March 31,
2021
December 31,
2020
 (Unaudited)
Assets
Cash and cash equivalents$880.4 $987.6 
Cash and cash equivalents held at Consolidated Funds174.6 148.6 
Restricted cash6.6 2.0 
Investments, including accrued performance allocations of $6,532.0 million and $4,968.6 million as of March 31, 2021 and December 31, 2020, respectively
9,044.5 7,380.9 
Investments of Consolidated Funds5,824.8 6,056.9 
Due from affiliates and other receivables, net245.7 272.5 
Due from affiliates and other receivables of Consolidated Funds, net169.8 89.1 
Fixed assets, net148.9 149.2 
Lease right-of-use assets, net364.7 361.1 
Deposits and other51.8 51.7 
Intangible assets, net45.0 48.7 
Deferred tax assets18.5 96.5 
Total assets$16,975.3 $15,644.8 
Liabilities and equity
Debt obligations$1,940.6 $1,970.9 
Loans payable of Consolidated Funds5,459.8 5,563.0 
Accounts payable, accrued expenses and other liabilities215.5 286.3 
Accrued compensation and benefits3,579.3 3,222.6 
Due to affiliates408.1 436.7 
Deferred revenue343.8 89.0 
Deferred tax liabilities245.2 57.8 
Other liabilities of Consolidated Funds530.6 556.1 
Lease liabilities519.6 513.5 
Accrued giveback obligations20.6 18.7 
Total liabilities13,263.1 12,714.6 
Commitments and contingencies
Common stock, $0.01 par value, 100,000,000,000 shares authorized (354,528,701 and 353,520,576 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)
3.5 3.5 
Additional paid-in-capital2,573.7 2,546.2 
Retained earnings1,118.8 348.2 
Accumulated other comprehensive loss(234.0)(208.7)
Non-controlling interests in consolidated entities250.2 241.0 
Total equity3,712.2 2,930.2 
Total liabilities and equity$16,975.3 $15,644.8 
See accompanying notes.


5


The Carlyle Group Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except share and per share data)
 Three Months Ended
March 31,
 20212020
Revenues
Fund management fees$381.0 $355.9 
Incentive fees9.5 8.9 
Investment income (loss)
Performance allocations1,786.1 (937.6)
Principal investment income (loss)179.1 (253.3)
Total investment income (loss)1,965.2 (1,190.9)
Interest and other income20.4 27.4 
Interest and other income of Consolidated Funds61.1 53.0 
Total revenues2,437.2 (745.7)
Expenses
Compensation and benefits
Cash-based compensation and benefits228.5 204.3 
Equity-based compensation32.4 29.1 
Performance allocations and incentive fee related compensation866.6 (442.5)
Total compensation and benefits1,127.5 (209.1)
General, administrative and other expenses91.7 69.6 
Interest23.0 23.9 
Interest and other expenses of Consolidated Funds42.4 45.6 
Other non-operating expenses0.6 0.2 
Total expenses1,285.2 (69.8)
Other income (loss)
Net investment income (loss) of Consolidated Funds12.3 (113.1)
Income (loss) before provision for income taxes1,164.3 (789.0)
Provision (benefit) for income taxes273.4 (80.0)
Net income (loss)890.9 (709.0)
Net income (loss) attributable to non-controlling interests in consolidated entities21.6 (97.0)
Net income (loss) attributable to The Carlyle Group Inc.$869.3 $(612.0)
Net income (loss) attributable to The Carlyle Group Inc. per common share (see Note 11)
Basic$2.45 $(1.76)
Diluted$2.41 $(1.76)
Weighted-average common shares
Basic354,230,092 348,239,759 
Diluted360,504,780 348,239,759 
Substantially all revenue is earned from affiliates of the Company. See accompanying notes.


6


The Carlyle Group Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollars in millions)
 
 Three Months Ended
March 31,
 20212020
Net income (loss)$890.9 $(709.0)
Other comprehensive income (loss)
Foreign currency translation adjustments(27.9)(22.9)
Unrealized losses on Fortitude Re available-for-sale securities (7.7)
Defined benefit plans
Unrealized gain (loss) for the period1.3 (3.2)
Less: reclassification adjustment for gain during the period, included in cash-based compensation and benefits expense0.5 0.4 
Other comprehensive loss(26.1)(33.4)
Comprehensive income (loss)864.8 (742.4)
Comprehensive income (loss) attributable to non-controlling interests in consolidated entities20.8 (109.7)
Comprehensive income (loss) attributable to The Carlyle Group Inc.$844.0 $(632.7)
See accompanying notes.



7


The Carlyle Group Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars and shares in millions)

Common SharesCommon StockAdditional Paid-in-CapitalRetained Earnings (Deficit)Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests in
Consolidated
Entities
Total
Equity
Balance at December 31, 2020353.5 $3.5 $2,546.2 $348.2 $(208.7)$241.0 $2,930.2 
Shares repurchased(0.3)— — (10.0)— — (10.0)
Equity-based compensation— — 27.5 — — — 27.5 
Shares issued for equity-based awards1.3 — — — — — — 
Contributions— — — — — 3.7 3.7 
Distributions— — — (88.7)— (15.3)(104.0)
Net income— — — 869.3 — 21.6 890.9 
Currency translation adjustments— — — — (27.1)(0.8)(27.9)
Defined benefit plans, net— — — — 1.8 — 1.8 
Balance at March 31, 2021354.5 $3.5 $2,573.7 $1,118.8 $(234.0)$250.2 $3,712.2 

Common
Units
Common
 Shares
Partners’
Capital
Common
Stock
Additional
Paid-in-
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests in
Consolidated
Entities
Non-
controlling
Interests in
Carlyle
Holdings
Total
Equity
Balance at December 31, 2019$117.8 $ $703.8 $ $ $ $(85.2)$333.5 $2,017.5 $2,969.6 
Reclassification resulting from Conversion - Partners' Capital(117.8)117.8 (703.8)1.2 702.6 — — — — — 
Reclassification resulting from Conversion - Non-controlling Interest in Carlyle Holdings— 229.4 — 2.3 2,015.2 — — — (2,017.5)— 
Shares repurchased— (1.1)— — (26.4)— — — — (26.4)
Tax effects resulting from Conversion— — — — (64.4)— 10.8 — — (53.6)
Equity-based compensation— — — — 29.4 — — — — 29.4 
Shares issued for equity-based awards— 2.3 — — — — — — — — 
Contributions— — — — — — — 4.2 — 4.2 
Distributions— — — — (87.4)— — (24.3)— (111.7)
Net loss— — — — — (612.0)— (97.0)— (709.0)
Currency translation adjustments— — — — — — (10.2)(12.7)— (22.9)
Unrealized loss on Fortitude Re available-for-sale securities— — — — — — (7.7)— — (7.7)
Defined benefit plans, net— — — — — — (2.8)— — (2.8)
Balance at March 31, 2020$ $348.4 $ $3.5 $2,569.0 $(612.0)$(95.1)$203.7 $ $2,069.1 

See accompanying notes.


8

The Carlyle Group Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)

 Three Months Ended March 31,
 20212020
Cash flows from operating activities
Net income (loss)$890.9 $(709.0)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization13.4 12.6 
Equity-based compensation32.4 29.1 
Non-cash performance allocations and incentive fees(865.4)550.5 
Non-cash principal investment (income) loss(176.2)252.1 
Other non-cash amounts8.5 (9.5)
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds(89.3)932.7 
Realized/unrealized (gain) loss from loans payable of Consolidated Funds77.0 (819.6)
Purchases of investments by Consolidated Funds(925.5)(807.5)
Proceeds from sale and settlements of investments by Consolidated Funds1,074.1 327.2 
Non-cash interest income, net(3.2)(1.2)
Change in cash and cash equivalents held at Consolidated Funds(30.9)(51.4)
Change in other receivables held at Consolidated Funds(84.3)(15.9)
Change in other liabilities held at Consolidated Funds(7.3)162.3 
Other non-cash amounts of Consolidated Funds (0.2)
Purchases of investments (63.8)(42.7)
Proceeds from the sale of investments156.0 99.8 
Payments of contingent consideration(49.9) 
Changes in deferred taxes, net260.3 (101.0)
Change in due from affiliates and other receivables(6.8)11.1 
Change in deposits and other(1.4)(2.1)
Change in accounts payable, accrued expenses and other liabilities(69.1)(54.0)
Change in accrued compensation and benefits(328.0)(196.6)
Change in due to affiliates(0.4)(35.2)
Change in lease right-of-use assets and lease liabilities2.6 (3.3)
Change in deferred revenue255.8 225.9 
Net cash provided by (used in) operating activities69.5 (245.9)
Cash flows from investing activities
Purchases of fixed assets, net(9.7)(13.2)
Net cash used in investing activities(9.7)(13.2)
Cash flows from financing activities
Borrowings under credit facilities 251.0 
Repayments under credit facilities (35.8)
Payments on debt obligations(66.6)(0.3)
Proceeds from debt obligations, net of financing costs43.4  
Net borrowings (payments) on loans payable of Consolidated Funds(20.0)393.3 
Dividends to common stockholders(88.7)(87.4)
Payment of deferred consideration for Carlyle Holdings units(68.8)(68.8)
Contributions from non-controlling interest holders3.7 4.2 
Distributions to non-controlling interest holders(15.3)(24.3)
Common shares repurchased(10.0)(26.4)
Change in due to/from affiliates financing activities71.1 51.1 
Change in due to/from affiliates and other receivables of Consolidated Funds  
Net cash provided by (used in) financing activities(151.2)456.6 
Effect of foreign exchange rate changes(11.2)(17.0)
Increase (decrease) in cash, cash equivalents and restricted cash(102.6)180.5 
Cash, cash equivalents and restricted cash, beginning of period989.6 828.0 
Cash, cash equivalents and restricted cash, end of period$887.0 $1,008.5 
Supplemental non-cash disclosures
Tax effects from the conversion to a Corporation recorded in equity$ $53.6 
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents$880.4 $1,007.9 
Restricted cash6.6 0.6 
Total cash, cash equivalents and restricted cash, end of period$887.0 $1,008.5 
Cash and cash equivalents held at Consolidated Funds$174.6 $170.9 
See accompanying notes.



9

The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements
(Unaudited)


1. Organization and Basis of Presentation
Effective on January 1, 2020, The Carlyle Group L.P. converted from a Delaware limited partnership to a Delaware corporation named The Carlyle Group Inc. (the “Conversion”). As a result of the Conversion, each common unit was converted into a share of common stock. Under the laws of its incorporation, The Carlyle Group Inc. is deemed to be the same entity as The Carlyle Group L.P. (the “Partnership”). Unless the context suggests otherwise, references to “Carlyle” or the “Company,” refer to (i) The Carlyle Group Inc. and its consolidated subsidiaries following the Conversion and (ii) The Carlyle Group L.P. and its consolidated subsidiaries prior to the Conversion.
Prior to the Conversion, the Company recorded significant non-controlling interests in Carlyle Holdings I L.P., Carlyle Holdings II L.P. and Carlyle Holdings III L.P. (collectively, “Carlyle Holdings”), the holdings partnerships through which the Company and senior Carlyle professionals and other holders of Carlyle Holdings partnership units owned their respective interests in the business. In the Conversion, the limited partners of the Carlyle Holdings partnerships exchanged their Carlyle Holdings partnership units for an equivalent number of shares of common stock of The Carlyle Group Inc. As a result, in periods following the Conversion, the consolidated balance sheet and statement of operations of The Carlyle Group Inc. does not reflect any non-controlling interests in Carlyle Holdings, and net income (loss) attributable to Carlyle Holdings refers to the net income (loss) of The Carlyle Group Inc. and its consolidated subsidiaries, net of non-controlling interests in consolidated entities.
Carlyle is one of the world’s largest global investment firms that originates, structures, and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, growth capital financings, real estate opportunities, bank loans, high-yield debt, distressed assets, mezzanine debt, and other investment opportunities. Carlyle provides investment management services to, and has transactions with, various private equity funds, real estate funds, private credit funds, collateralized loan obligations (“CLOs”), and other investment products sponsored by the Company for the investment of client assets in the normal course of business. Carlyle typically serves as the general partner, investment manager or collateral manager, making day-to-day investment decisions concerning the assets of these products. Carlyle operates its business through three reportable segments: Global Private Equity, Global Credit, and Investment Solutions (see Note 14).
Basis of Presentation
The accompanying financial statements include the accounts of the Company and its consolidated subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities and certain CLOs managed by the Company (collectively the “Consolidated Funds”) have been consolidated in the accompanying financial statements pursuant to accounting principles generally accepted in the United States (“U.S. GAAP”), as described in Note 2. The consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and generally has no effect on the net income attributable to the Company. The economic ownership interests of the other investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities in the accompanying consolidated financial statements (see Note 2).
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures required for annual financial statements, and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”). The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.
2. Summary of Significant Accounting Policies
Principles of Consolidation
The Company consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities (“VIEs”).
The Company evaluates (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3) whether the Company’s involvement would make it the primary beneficiary. In evaluating whether the Company holds a variable interest, fees (including management fees, incentive fees and performance allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity


10